Markets

摘要

Oil and gas drilling is a major consumer of tungsten, in the form of tungsten carbide. The global drilling rig count dropped again in April, with only the US showing a significant recovery in drilling activity in 2021, according to Baker Hughes' data. In April, the worldwide rig count stood at 1,189, from 1,231 in March and 1,270 in February. The average rig count for January-April was 1,291, which is 10pc down from the 2020 average of 1,351 – itself 38pc lower than the 2019 average. The 2020 average was almost 250 rigs below the average recorded in 2016, which was the lowest recorded annual average rig count since 1999.